SVB Wealth LLC Acquires New Holdings in Intuit Inc. (NASDAQ:INTU)

SVB Wealth LLC acquired a new stake in shares of Intuit Inc. (NASDAQ:INTU) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 12,164 shares of the software maker’s stock, valued at approximately $7,645,000.

Other hedge funds also recently bought and sold shares of the company. Nordea Investment Management AB grew its stake in Intuit by 83.2% during the fourth quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock valued at $371,984,000 after acquiring an additional 268,060 shares in the last quarter. Whalen Wealth Management Inc. purchased a new position in Intuit during the fourth quarter valued at approximately $621,000. Harvest Portfolios Group Inc. grew its stake in Intuit by 5.4% during the third quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock valued at $22,295,000 after acquiring an additional 1,853 shares in the last quarter. Retireful LLC purchased a new position in Intuit during the third quarter valued at approximately $740,000. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Intuit during the third quarter valued at approximately $56,144,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Trading Up 2.2 %

Shares of INTU opened at $613.84 on Friday. The stock has a market capitalization of $171.82 billion, a P/E ratio of 59.60, a PEG ratio of 2.85 and a beta of 1.24. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. The firm has a fifty day simple moving average of $605.90 and a two-hundred day simple moving average of $627.25. Intuit Inc. has a twelve month low of $553.24 and a twelve month high of $714.78.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, April 10th. This represents a $4.16 annualized dividend and a yield of 0.68%. Intuit’s payout ratio is currently 38.81%.

Insider Buying and Selling at Intuit

In other Intuit news, EVP Alex G. Balazs sold 23,810 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $665.98, for a total transaction of $15,856,983.80. Following the completion of the sale, the executive vice president now owns 489 shares of the company’s stock, valued at $325,664.22. This represents a 97.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Lauren D. Hotz sold 1,078 shares of the stock in a transaction on Friday, January 10th. The shares were sold at an average price of $619.28, for a total transaction of $667,583.84. Following the sale, the chief accounting officer now directly owns 1,864 shares of the company’s stock, valued at $1,154,337.92. The trade was a 36.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 218,014 shares of company stock valued at $140,855,687 in the last quarter. Company insiders own 2.68% of the company’s stock.

Wall Street Analyst Weigh In

INTU has been the subject of several research analyst reports. Stifel Nicolaus dropped their target price on shares of Intuit from $795.00 to $725.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a research report on Thursday, January 23rd. Oppenheimer lifted their target price on shares of Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. Royal Bank of Canada reiterated an “outperform” rating and set a $760.00 target price on shares of Intuit in a research report on Friday, November 22nd. Finally, Morgan Stanley upgraded shares of Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 target price for the company in a research report on Wednesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $717.88.

About Intuit

Intuit Inc provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. The company operates in four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.